Download this PDF file - Riviste

www.ea2000.it4 (2009) 1-35Measuring the People Management and ShareholderValue Creation Relationship.An Empirical Approach from Italian FirmsCecilia Casalegno 1Research Assistant, PhD in Business Administration, Department of Business AdministrationFaculty of Economics, University of TurinCorso Unione Sovietica 218 bis, 10136 Turin, ItalyEmail: casalegno@econ.unito.itElisa Cerruti 2Phd in Business Administration, Department of Business AdministrationFaculty of Economics, University of TurinCorso Unione Sovietica 218 bis, 10136 Turin, ItalyEmail: cerruti@econ.unito.itMichela Pellicelli 3Research Assistant, PhD in Business Administration, Department of Business ResearchFaculty of Economics, University of PaviaVia S. Felice 5, 27100 Pavia, ItalyEmail: michela.pellicelli@eco.unipv.itSummary – 1. The European approach to the creation of value - 2. Value Based Management: corporateculture and value measures - 3. The creation of value and Italian listed companies - 4. The importance ofa correct human capital management - 5. Human capital development and corporate return: some Italiancases - 6. Key findings - 7. Research dataset and methodology - 8. Research findingsAbstractItalian companies are characterized by the presence of many small- and medium-size firms, along withsome large organizations facing new challenges to improve financial results. In recent years being an Italianmarket player has not been so easy - even those with large and considerable production capacity –because market conditions do not always allow firms to sustain long-term competitive advantages. This iseven more true considering the economic and financial crisis that began in the late summer of 2008;however, this goes beyond the purpose of this study on Aida’s dataset update.Moreover, this paper considers shareholder value theory as well as the thesis supporting the relationshipbetween employee development and responsibility, productivity improvement, employee commitmentand financial performances. These considerations confirm that leadership development practices need to1 Cecilia Casalegno, Research Assistant, B.A. in Business Economics – Sport Management from the University OfTurin and PhD in Business Administration; fields of research: Human Resource Management and Leadership Development.2 Elisa Cerruti, B.A. in Letters and PhD in Business Administration; fields of research: Quantitative Methods forBusiness, Marketing Management, Cultural Goods Management, and the Non-profit sector.3 Michela Pellicelli, Research Assistant, PhD and Lecturer in Business Administration at the Faculty of Economics,University of Pavia, B.A. in Business Administration at the Faculty of Economics, University of Turin. Fields ofresearch: Shareholder Value Theory, Value Based Management and Performance Measures.EIASM –Visualising, Measuring, and Managing Intangibles and Intellectual CapitalHasselt (Belgium) 22-24 October 2008